Brown & Brown Inc Financials

BRO

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Brown & Brown Inc (BRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BRO FY2025 2026-04-27

Brown & Brown runs a cash-generative, acquisition-driven model where rapid balance-sheet expansion is beginning to outpace profit efficiency.

FY2025 was an acquisition-led balance-sheet expansion: assets jumped by $12.4B while goodwill rose by $7.1B. Even with operating cash flow reaching $1.45B, return on equity fell to 8.4%, implying the added scale produced cash faster than it produced profit relative to the capital base, a sign that financing and purchase accounting muted the payoff visible in earnings.

Cash conversion is a defining strength: FY2025 free cash flow was $1.38B against net income of $1.05B. With capital spending only $68M, the business appears to expand mainly through acquired and intangible assets rather than heavy physical reinvestment, which helps keep earnings and cash closely aligned.

Liquidity is kept fairly lean, with the current ratio staying near 1.0x for four years. In FY2025, a $7.9B investing outflow was almost matched by $7.7B of financing inflow, showing large expansion is funded externally rather than from excess cash on hand.

Financial Health Signals

Financial Profile 48/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Brown & Brown Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Brown & Brown Inc's revenue surged 22.8% year-over-year to $5.9B, reflecting rapid business expansion. This strong growth earns a score of 63/100.

Leverage

Brown & Brown Inc carries a low D/E ratio of 0.55, meaning only $0.55 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Brown & Brown Inc's current ratio of 1.04 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Brown & Brown Inc converts 23.4% of revenue into free cash flow ($1.4B). This strong cash generation earns a score of 82/100.

Returns

Brown & Brown Inc's ROE of 8.4% shows moderate profitability relative to equity, earning a score of 38/100. This is down from 15.4% the prior year.

Piotroski F-Score Weak

3/9

Brown & Brown Inc passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.38x

For every $1 of reported earnings, Brown & Brown Inc generates $1.38 in operating cash flow ($1.4B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.9B

YoY+22.8%

5Y CAGR+17.7%

10Y CAGR+13.5%

Brown & Brown Inc generated $5.9B in revenue in fiscal year 2025. This represents an increase of 22.8% from the prior year.

EBITDA

N/A

Net Income

$1.1B

YoY+6.1%

5Y CAGR+17.0%

10Y CAGR+15.8%

Brown & Brown Inc reported $1.1B in net income in fiscal year 2025. This represents an increase of 6.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$1.4B

YoY+26.6%

5Y CAGR+16.6%

10Y CAGR+14.3%

Brown & Brown Inc generated $1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 26.6% from the prior year.

Cash & Debt

$1.1B

YoY+59.9%

5Y CAGR+10.5%

10Y CAGR+9.3%

Brown & Brown Inc held $1.1B in cash against $6.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.62

YoY+14.8%

5Y CAGR+12.1%

10Y CAGR+3.3%

Brown & Brown Inc paid $0.62 per share in dividends in fiscal year 2025. This represents an increase of 14.8% from the prior year.

Shares Outstanding

340M

YoY+19.1%

5Y CAGR+3.8%

10Y CAGR+9.4%

Brown & Brown Inc had 340M shares outstanding in fiscal year 2025. This represents an increase of 19.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

17.9%

YoY-2.8pp

5Y CAGR-0.5pp

10Y CAGR+3.2pp

Brown & Brown Inc's net profit margin was 17.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.8 percentage points from the prior year.

Return on Equity

8.4%

YoY-7.0pp

5Y CAGR-4.4pp

10Y CAGR-2.9pp

Brown & Brown Inc's ROE was 8.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$100.0M

5Y CAGR+12.7%

10Y CAGR-4.8%

Brown & Brown Inc spent $100.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$68.0M

YoY-17.1%

5Y CAGR-0.8%

10Y CAGR+14.0%

Brown & Brown Inc invested $68.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.1% from the prior year.

BRO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.9B+22.8%	$4.8B+12.9%	$4.3B+19.1%	$3.6B+17.1%	$3.1B+16.8%	$2.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$297.0M+53.9%	$193.0M+1.6%	$190.0M+34.6%	$141.2M+117.2%	$65.0M+10.2%	$59.0M
Income Tax	$304.0M+1.0%	$301.0M+9.5%	$275.0M+34.8%	$204.0M+16.1%	$175.7M+22.4%	$143.6M
Net Income	$1.1B+6.1%	$993.0M+14.0%	$871.0M+29.6%	$672.0M+14.5%	$587.1M+22.2%	$480.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.9B+18.3%	$1.6B+0.1%	$1.6B+25.0%	$1.3B-8.5%	$1.4B+18.7%	$1.2B-0.3%	$1.2B+0.7%	$1.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$99.0M-1.0%	$100.0M0.0%	$100.0M+96.1%	$51.0M+10.9%	$46.0M0.0%	$46.0M-8.0%	$50.0M+2.0%	$49.0M
Income Tax	$106.0M+103.8%	$52.0M-36.6%	$82.0M+6.5%	$77.0M-17.2%	$93.0M+43.1%	$65.0M-16.7%	$78.0M-10.3%	$87.0M
Net Income	$426.0M+60.8%	$265.0M+16.7%	$227.0M-1.7%	$231.0M-30.2%	$331.0M+58.4%	$209.0M-10.7%	$234.0M-8.9%	$257.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BRO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$30.0B+70.3%	$17.6B+18.3%	$14.9B+6.5%	$14.0B+42.7%	$9.8B+9.2%	$9.0B
Current Assets	$8.6B+24.4%	$6.9B+35.0%	$5.1B+2.7%	$5.0B+50.0%	$3.3B+12.6%	$3.0B
Cash & Equivalents	$1.1B+59.9%	$675.0M-3.6%	$700.0M+7.7%	$650.0M-6.2%	$693.2M+5.6%	$656.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$15.1B+89.3%	$8.0B+8.6%	$7.3B+10.0%	$6.7B+40.9%	$4.7B+7.8%	$4.4B
Total Liabilities	$17.4B+55.9%	$11.2B+20.1%	$9.3B-0.7%	$9.4B+67.3%	$5.6B+7.4%	$5.2B
Current Liabilities	$8.3B+31.4%	$6.3B+27.4%	$5.0B+7.8%	$4.6B+72.3%	$2.7B+13.3%	$2.4B
Long-Term Debt	$6.9B+91.6%	$3.6B+11.5%	$3.2B-12.6%	$3.7B+86.4%	$2.0B-2.2%	$2.0B
Total Equity	$12.6B+95.3%	$6.4B+15.4%	$5.6B+21.1%	$4.6B+9.8%	$4.2B+11.8%	$3.8B
Retained Earnings	$7.0B+14.1%	$6.1B+15.9%	$5.3B+16.2%	$4.6B+13.8%	$4.0B+13.6%	$3.5B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$29.7B-1.0%	$30.0B+2.2%	$29.4B+14.5%	$25.6B+53.0%	$16.8B-4.8%	$17.6B+0.5%	$17.5B+9.9%	$15.9B
Current Assets	$8.5B-1.8%	$8.6B+5.8%	$8.1B-43.6%	$14.4B+144.1%	$5.9B-14.5%	$6.9B-7.4%	$7.5B+22.8%	$6.1B
Cash & Equivalents	$1.0B-7.0%	$1.1B-9.3%	$1.2B-86.6%	$8.9B+1229.3%	$669.0M-0.9%	$675.0M-29.5%	$957.0M-13.6%	$1.1B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$15.1B-0.1%	$15.1B+1.3%	$14.9B+78.0%	$8.4B+3.1%	$8.1B+1.8%	$8.0B+5.2%	$7.6B+2.0%	$7.4B
Total Liabilities	$17.1B-1.9%	$17.4B+2.8%	$16.9B+20.9%	$14.0B+41.3%	$9.9B-11.2%	$11.2B+1.2%	$11.0B+11.5%	$9.9B
Current Liabilities	$8.3B+0.3%	$8.3B+20.4%	$6.9B+31.1%	$5.3B+6.6%	$4.9B-21.9%	$6.3B-3.2%	$6.5B+21.0%	$5.4B
Long-Term Debt	$6.6B-4.5%	$6.9B-9.9%	$7.7B+2.4%	$7.5B+100.2%	$3.7B+3.7%	$3.6B+6.9%	$3.4B-0.7%	$3.4B
Total Equity	$12.6B+0.3%	$12.6B+1.3%	$12.4B+6.8%	$11.6B+69.8%	$6.8B+6.3%	$6.4B-0.7%	$6.5B+7.3%	$6.0B
Retained Earnings	$7.4B+5.3%	$7.0B+3.1%	$6.8B+2.7%	$6.6B+2.9%	$6.4B+4.7%	$6.1B+2.8%	$6.0B+3.4%	$5.8B

BRO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.4B+23.5%	$1.2B+16.2%	$1.0B+14.6%	$881.0M+8.9%	$808.8M+13.4%	$713.0M
Capital Expenditures	$68.0M-17.1%	$82.0M+18.8%	$69.0M+32.7%	$52.0M+15.6%	$45.0M-36.4%	$70.7M
Free Cash Flow	$1.4B+26.6%	$1.1B+16.0%	$941.0M+13.5%	$829.0M+8.5%	$763.8M+18.9%	$642.3M
Investing Cash Flow	-$7.9B-781.3%	-$898.0M-53.0%	-$587.0M+69.3%	-$1.9B-382.1%	-$396.8M+47.7%	-$759.1M
Financing Cash Flow	$7.7B+12151.6%	-$64.0M+65.8%	-$187.0M-110.8%	$1.7B+921.5%	-$210.1M-159.2%	$355.0M
Dividends Paid	$193.0M+25.3%	$154.0M+14.1%	$135.0M+12.5%	$120.0M+11.9%	$107.2M+6.6%	$100.6M
Share Buybacks	$100.0M	$0	$0-100.0%	$74.0M-10.4%	$82.6M+49.9%	$55.1M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$262.0M-41.0%	$444.0M-5.1%	$468.0M+44.0%	$325.0M+52.6%	$213.0M-41.0%	$361.0M-18.0%	$440.0M+22.2%	$360.0M
Capital Expenditures	$21.0M+5.0%	$20.0M+25.0%	$16.0M+6.7%	$15.0M-11.8%	$17.0M-15.0%	$20.0M-13.0%	$23.0M-11.5%	$26.0M
Free Cash Flow	$241.0M-43.2%	$424.0M-6.2%	$452.0M+45.8%	$310.0M+58.2%	$196.0M-42.5%	$341.0M-18.2%	$417.0M+24.9%	$334.0M
Investing Cash Flow	-$38.0M+82.2%	-$213.0M+97.2%	-$7.5B-6857.4%	-$108.0M-36.7%	-$79.0M+89.9%	-$779.0M-1754.8%	-$42.0M-481.8%	$11.0M
Financing Cash Flow	-$354.0M-156.5%	-$138.0M-6.2%	-$130.0M-101.6%	$8.2B+3861.0%	-$218.0M-178.7%	$277.0M+138.7%	-$716.0M-262.0%	$442.0M
Dividends Paid	$57.0M+1.8%	$56.0M+9.8%	$51.0M+18.6%	$43.0M0.0%	$43.0M0.0%	$43.0M+19.4%	$36.0M-2.7%	$37.0M
Share Buybacks	$250.0M	N/A	N/A	N/A	$0	N/A	N/A	N/A

BRO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	17.9%-2.8pp	20.7%+0.2pp	20.5%+1.7pp	18.8%-0.4pp	19.2%+0.8pp	18.4%
Return on Equity	8.4%-7.0pp	15.4%-0.2pp	15.6%+1.0pp	14.6%+0.6pp	14.0%+1.2pp	12.8%
Return on Assets	3.5%-2.1pp	5.6%-0.2pp	5.9%+1.0pp	4.8%-1.2pp	6.0%+0.6pp	5.4%
Current Ratio	1.04-0.1	1.10+0.1	1.04-0.1	1.09-0.2	1.250.0	1.26
Debt-to-Equity	0.55-0.0	0.56-0.0	0.58-0.2	0.80+0.3	0.47-0.1	0.54
FCF Margin	23.4%+0.7pp	22.7%+0.6pp	22.1%-1.1pp	23.2%-1.8pp	25.0%+0.5pp	24.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	22.4%+5.9pp	16.5%+2.4pp	14.1%-3.8pp	18.0%-5.6pp	23.6%+5.9pp	17.7%-2.1pp	19.7%-2.1pp	21.8%
Return on Equity	3.4%+1.3pp	2.1%+0.3pp	1.8%-0.2pp	2.0%-2.8pp	4.8%+1.6pp	3.3%-0.4pp	3.6%-0.6pp	4.3%
Return on Assets	1.4%+0.5pp	0.9%+0.1pp	0.8%-0.1pp	0.9%-1.1pp	2.0%+0.8pp	1.2%-0.1pp	1.3%-0.3pp	1.6%
Current Ratio	1.02-0.0	1.04-0.1	1.18-1.6	2.75+1.5	1.20+0.1	1.10-0.0	1.15+0.0	1.13
Debt-to-Equity	0.52-0.0	0.55-0.1	0.62-0.0	0.64+0.1	0.55-0.0	0.56+0.0	0.52-0.0	0.56
FCF Margin	12.7%-13.7pp	26.4%-1.8pp	28.1%+4.0pp	24.1%+10.2pp	14.0%-14.9pp	28.8%-6.3pp	35.2%+6.8pp	28.3%

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Frequently Asked Questions

What is Brown & Brown Inc's annual revenue?

Brown & Brown Inc (BRO) reported $5.9B in total revenue for fiscal year 2025. This represents a 22.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Brown & Brown Inc's revenue growing?

Brown & Brown Inc (BRO) revenue grew by 22.8% year-over-year, from $4.8B to $5.9B in fiscal year 2025.

Is Brown & Brown Inc profitable?

Yes, Brown & Brown Inc (BRO) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 17.9%.

How much debt does Brown & Brown Inc have?

As of fiscal year 2025, Brown & Brown Inc (BRO) had $1.1B in cash and equivalents against $6.9B in long-term debt.

What is Brown & Brown Inc's net profit margin?

Brown & Brown Inc (BRO) had a net profit margin of 17.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Brown & Brown Inc pay dividends?

Yes, Brown & Brown Inc (BRO) paid $0.62 per share in dividends during fiscal year 2025.

What is Brown & Brown Inc's return on equity (ROE)?

Brown & Brown Inc (BRO) has a return on equity of 8.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Brown & Brown Inc's free cash flow?

Brown & Brown Inc (BRO) generated $1.4B in free cash flow during fiscal year 2025. This represents a 26.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Brown & Brown Inc's operating cash flow?

Brown & Brown Inc (BRO) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Brown & Brown Inc's total assets?

Brown & Brown Inc (BRO) had $30.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Brown & Brown Inc's capital expenditures?

Brown & Brown Inc (BRO) invested $68.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Brown & Brown Inc buy back shares?

Yes, Brown & Brown Inc (BRO) spent $100.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Brown & Brown Inc have outstanding?

Brown & Brown Inc (BRO) had 340M shares outstanding as of fiscal year 2025.

What is Brown & Brown Inc's current ratio?

Brown & Brown Inc (BRO) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.

What is Brown & Brown Inc's debt-to-equity ratio?

Brown & Brown Inc (BRO) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Brown & Brown Inc's return on assets (ROA)?

Brown & Brown Inc (BRO) had a return on assets of 3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Brown & Brown Inc's Piotroski F-Score?

Brown & Brown Inc (BRO) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Brown & Brown Inc's earnings high quality?

Brown & Brown Inc (BRO) has an earnings quality ratio of 1.38x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Brown & Brown Inc?

Brown & Brown Inc (BRO) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.